Share Repurchase Plan Authorized by Parsons (NYSE:PSN) Board

Parsons (NYSE:PSN) declared that its Board of Directors has initiated a share repurchase plan on Monday, March 24th, RTT News reports. The company plans to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Parsons Stock Performance

Shares of NYSE PSN traded up $1.42 during trading on Monday, reaching $60.47. 891,815 shares of the stock traded hands, compared to its average volume of 1,020,385. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The stock has a market capitalization of $6.46 billion, a P/E ratio of 79.56, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. Parsons has a 52-week low of $54.56 and a 52-week high of $114.68. The company has a 50-day moving average of $71.34 and a 200-day moving average of $90.08.

Analyst Ratings Changes

PSN has been the topic of a number of research analyst reports. KeyCorp reduced their target price on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Benchmark restated a “buy” rating and set a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. Jefferies Financial Group decreased their target price on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Finally, William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.44.

Parsons Company Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.